How to open a bank account with Salem Five Direct

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How to open a bank account with Salem Five Direct

Salem Five Direct eOne Savings is a strong investment with a higher interest rate than the average savings account right now. It doesn't charge monthly services and has a low minimum opening deposit.

When you have enough money in your account, you might want to take note of how much you keep in your account. If you have more than $1 million in your account, Salem Five Direct may be able to transfer the money to a Statement Savings account. This account only offers 0.01% APY.

Salem Five Direct eOne Checking may be appealed to shoppers who frequently use their debit card. For every debit card purchase, you'll receive $0.05, which will be deposited into your bank account at the end of each month.

If you want to get easy access to ATMs, you may consider this account. You'll get up to $15 per month in out-of-network ATM reimbursements from the institution, which is based on its extensive ATM network.

Salem Five Direct pays competitive interest rates on short-term CDs of 1 year or less. To open an account, you'll need $10,000, which is a significant amount compared to initial deposits of other online banks. You'll also find other online banks with more CD-terms.

Salem Five Direct is the online operations of Massachusetts-based bank Salem Five.

It has online-only savings accounts, checking accounts, and CDs. If you don't have a bank account in a local Massachusetts branch, you're limited to opening an online Salem Five Direct savings or checking account.

Through the Allpoint network, customers can access over 55,000 fee-free ATMs.

The bank's mobile app has 3.2 out of 5 stars in the Google Play Store and 4.7 out of 5 stars in the Apple Store.

Salem Five Direct online bank accounts are covered by the FDIC and DIF. If your bank account is covered by the FDIC, it is safe to deposit your money in your bank account up to $250,000. Banks with DIF insurance can exceed the $250,000 limit and safeguard any additional money deposited through private insurance.

Salem Five Direct hasn't been involved in any recent public scandals, the company said.

We also include reviews from the Better Business Bureau.

The BBB evaluates businesses by how they handle customer concerns. Salem Five has an A+ rating.

A good credit score doesn't mean your banking relationship will be perfect. Capital One 360 is the online operations of Capital One Bank. We have compared them with two other institutions.

Capital One offers tools that help set up individual savings goals, which is a better option than Salem 5 Direct. Capital One allows you to separate your money by setting up goals through the bank's mobile app.

For CDs, Capital One has a lower minimum opening deposit. If you're looking for high interest rates, however, the best option for you will depend on the account you choose. Salem Five Direct charges a higher interest rate on its savings account while Capital One pays higher interest rates on CDs.

You can earn cash back on your checking account through Salem 5 Direct. If you purchase any debit card, you get $0.05 off the purchase price. At the end of each month, your rewards will be deposited into your bank account.

Bank5 Connect is the online division of the Massachusetts-based bank Bank5. What are the two institutions and how do they stack up against each other?

Salem Five Direct has a higher savings rate than Bank5 Connect. However, consider that both banks also require balance requirements to earn interest.

Salem Five Direct allows for a net income of 5.01% on accounts balances under $1 million. With Bank5 Connect, you need to have a minimum account balance of $100 to earn interest.

You may find it easier to earn interest at one bank than another, depending on your preferences.

Bank5 offers more CD terms if you plan to open a CD. You must also have a deposit of $500 for opening the property.